At a Glance
- JPMorgan raises Sibanye stake to 5.98% as Froneman prepares to exit.
- Sibanye trims 2024 loss to $311 million after restructuring and market rebound.
- Investment highlights growing optimism in South Africa’s mining sector recovery and leadership shift.
JP Morgan Chase & Co., the American multinational finance giant, has increased its stake in Sibanye-Stillwater, a mining group led by South African magnate Neal Froneman. This reaffirms its confidence in the South African mining giant amid signs of operational recovery and an improving commodity outlook.
Previously holding less than $160 million in the company, JP Morgan has raised its investment above $290 million, shortly after scaling down its position in Thungela on June 13, in response to changing market conditions.
JP Morgan Boosts Sibanye Stake to 5.98%
According to regulatory filings published on the Johannesburg Stock Exchange, JPMorgan now holds a 5.98 percent stake in the Neal Froneman-led group, up from 5.04 percent on March 19, 2025.
The increased shareholding underscores the bank’s renewed confidence in the R88.5 billion ($4.88 billion) mining group amid shifting economic dynamics in South Africa.
On May 10, 2024, JP Morgan held a 6.32 percent stake in Sibanye, valued at R3.98 billion ($215.4 million), before reducing it to 5.04 percent by March 19, 2025, worth R2.84 billion ($156.27 million). The June 19, 2025 filing reflects a reversal of that move, with the stake now valued at R5.29 billion ($292.09 million).
The 0.94 percentage-point increase signals a strategic repositioning by the American banking giant, suggesting it may be eyeing a return to its previous exposure level above 6 percent.
The value of its position has surged from R2.84 billion ($156.3 million) to R5.29 billion ($292.1 million) as of June 19, 2025.
Backing Sibanye through transition
JP Morgan’s increased investment in Sibanye-Stillwater underscores its confidence in South Africa’s vital mining sector and signals support for the company’s recent financial turnaround.
Sibanye narrowed its 2024 loss to $311 million from $2.03 billion a year earlier, following a period of falling platinum group metals (PGMs) and nickel prices, alongside operational setbacks.
Stabilization efforts—bolstered by a rebound in gold prices and early 2024 restructuring—have begun to take effect, positioning the company for recovery.
This comes as CEO Neal Froneman, who spent a decade transforming Sibanye from a domestic gold miner into a global producer of platinum, palladium, and gold, prepares to retire in September. JP Morgan’s backing suggests it sees long-term value in Sibanye’s diversified portfolio and growth prospects, even as leadership transitions.
Impact on Sibanye and mining sector
Neal Froneman, a key architect of Sibanye-Stillwater’s expansion, holds a 0.3 percent stake in the company. As he prepares to step down as CEO and executive director on Sept. 30, 2025, his restructuring efforts remain crucial in positioning the company for long-term stability.
The rise in JP Morgan’s stake from less than $160 million in March 2025 to over $290 million further demonstrates faith in Sibanye Stillwater’s future. This milestone enhances JP Morgan’s presence in South Africa while supporting the mining group’s vision of sustainable growth and market leadership.
